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dc edited this page Sep 12, 2018 · 27 revisions

Auctions

There are three auction types in the dai system, the collateral auction (flip-auction), the debt auction (flop-auction) and the surplus auction (flap-auction).

Flap

Flap is the simplest of the auctions, where surplus Dai is sold for MKR. Bidders complete for lot amount of Dai for increasing bid amounts of MKR.

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